Upper West Side rental property sells for $50M

A 70,000-square-foot Upper West Side property, located at 380 Columbus Avenue at West 78th Street, has traded hands for $50 million, city records filed late last week show. Newcastle Realty Services purchased the building from Joben Realty Associates in a deal that closed on Dec. 28, according to the deed.

“It was a wonderful opportunity,” said Margaret Streicker Porres, Newcastle’s president and founder, on the decision to close on the seven-story building. The sale entered contract on Nov. 24.

Newcastle’s focus is managing multi-family residential buildings that often come with retail components, throughout the five boroughs, its website says. The company said it manages more than 2,000 units. An example of another property it owns is 549 Hudson Street.

Streicker Porres declined to discuss whether the company will make changes to the building, including a possible condominium conversion, saying it was too soon.

The Columbus Avenue building contains 58,205 square feet of residential space and 11,795 square feet of retail, according to PropertyShark. The residential portion includes 43 units, PropertyShark shows.

Although there are no active listings, an 850-square-foot, two-bedroom apartment rented for $3,500 in September 2011, Streeteasy shows.

A representative for the New York-based property owner Joben declined comment on the sale.